While the company benefited from high refinery utilization, it faced headwinds from declining hydrocarbon output and significant special items.

In Exploration and Production, total hydrocarbon production fell to 103.5 kboe/d in Q4 2025, a decrease of 3.45% year-on-year. This was accompanied by a drop in the average realized crude price, which stood at $54.66/bbl, down 16.4% compared to the same period last year.

The Refining and Marketing segment saw a dramatic improvement. The indicator refining margin surged to $16.75/bbl in Q4 2025, up from $7.39/bbl in Q4 2024. The refinery utilization rate reached 100%, recovering from the maintenance-related dips seen earlier in the year.

In Gas and Power, gas sales volumes to third parties increased to 10.60 TWh, compared to 9.79 TWh in Q4 2024. Additionally, the Brazi power plant's net electrical output rose to 1.56 TWh, up from 1.34 TWh in the prior-year period.

The company expects to record approximately €420 million in special items for Q4 2025. This includes a €300 million impairment related to abandonment obligations and a €120 million impairment for tangible assets. These adjustments follow the 15-year extension of production licenses agreed upon with the Romanian state.